Swiss court fines Egypt $2bn over contract violations

Swiss court ordered Egyptian natural gas companies to pay Israel’s state-owned electricity provider $2 billion in fines for breach of previous contracts, a step that could complicate chances for the two nations to sign future gas deals as Israel seeks to become an energy exporter.

Federal Supreme Court of Switzerland said Egyptian General Petroleum Corp. and Egyptian Natural Gas Holding were liable for the damages caused by repeated attacks on a pipeline through the Sinai Desert that supplied gas to its neighbor, Israel Electric Co. said .

The Egyptian companies had appealed a previous ruling from Dec. 2015 that imposed a $1.73 billion penalty.